Floyd Financial Group LLC Takes Position in Reddit Inc. $RDDT

Floyd Financial Group LLC purchased a new position in Reddit Inc. (NYSE:RDDT) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 5,288 shares of the company’s stock, valued at approximately $1,216,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Raiffeisen Bank International AG acquired a new position in Reddit in the 3rd quarter worth about $25,000. GW&K Investment Management LLC acquired a new stake in shares of Reddit during the 3rd quarter valued at about $30,000. LOM Asset Management Ltd acquired a new stake in shares of Reddit during the 4th quarter valued at about $33,000. Noble Wealth Management PBC acquired a new stake in shares of Reddit during the 4th quarter valued at about $34,000. Finally, Summit Securities Group LLC bought a new stake in shares of Reddit in the 4th quarter valued at approximately $46,000.

Insider Transactions at Reddit

In other news, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $161.47, for a total value of $6,324,295.49. Following the completion of the sale, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at approximately $175,752,182.97. This represents a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the firm’s stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the completion of the sale, the chief technology officer owned 38,413 shares in the company, valued at approximately $5,787,686.71. The trade was a 28.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 250,500 shares of company stock worth $40,645,805 over the last three months. 28.48% of the stock is currently owned by insiders.

Reddit Stock Performance

Reddit stock opened at $175.38 on Friday. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95. The firm has a market capitalization of $33.76 billion, a PE ratio of 50.11 and a beta of 1.91. The business’s 50-day simple moving average is $160.32 and its 200-day simple moving average is $175.69.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.39. The firm had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm’s revenue for the quarter was up 69.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.13 EPS. Research analysts forecast that Reddit Inc. will post 4.83 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently commented on RDDT. Loop Capital restated a “buy” rating and issued a $260.00 price objective on shares of Reddit in a report on Thursday, June 4th. Piper Sandler reiterated an “overweight” rating and issued a $215.00 target price (up from $205.00) on shares of Reddit in a research note on Friday, May 1st. Citigroup reissued a “market outperform” rating on shares of Reddit in a research report on Tuesday, May 26th. Truist Financial set a $265.00 price target on shares of Reddit in a research note on Friday, May 1st. Finally, Jefferies Financial Group cut their price target on shares of Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Eighteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $230.75.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.